Hi,
I moved from Canada to USA last year. I am eligible for making the "first year choice" for 2018, so I will be filing my taxes as "US resident" for 2018. My wife moved to USA on 31 December 2018, so I will be filing the taxes as "Married filing separately". I have obtained extension to file the taxes till October 15, 2018.
During the time I was living in USA in 2018, my wife had bank accounts in Canada and India. These were either her personal accounts or they were held jointly with her parents. I was not a joint owner on any of these accounts. I also did not had any signatory authority over these accounts.
I will be filing FBAR and Form 8938 for the year 2018. Do I need to include these bank accounts held by my wife (either individually or jointly with her parents) in Canada and India on my FBAR or Form 8938?
Form 8938 and FBAR
Moderator: Mark T Serbinski CA CPA
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- Posts: 9
- Joined: Sun Oct 07, 2018 5:03 am
Re: Form 8938 and FBAR
Adding to the message above:
My wife will not be filing any US taxes for 2018. We both filed our Canadian taxes.
My wife will not be filing any US taxes for 2018. We both filed our Canadian taxes.
Re: Form 8938 and FBAR
FBAR includes any accounts you have access to
8938 threshold test includes your wife's assets but the actual 8938 reporting doesn't
8938 threshold test includes your wife's assets but the actual 8938 reporting doesn't
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- Posts: 9
- Joined: Sun Oct 07, 2018 5:03 am
Re: Form 8938 and FBAR
Thanks for the reply!
So, what I understand is:
1. 8938 - no need to report my wife's accounts. Only use them for threshold calculations.
2. FBAR - What does "have access to" mean? I don't have any signing authority or joint ownership of these accounts.
So, what I understand is:
1. 8938 - no need to report my wife's accounts. Only use them for threshold calculations.
2. FBAR - What does "have access to" mean? I don't have any signing authority or joint ownership of these accounts.